All right, so you’re ready to lease your Acura! You’re making a great choice – but if you haven’t leased a car before, here are the most important things to know.
What aspects of the lease are negotiable?
The price of the vehicle you’re leasing may be negotiable, but the other aspects of the lease are usually fixed – they’re controlled by an outside company that assists us with the arrangement. However, you can always ask us if we’ve received permission to negotiate on a different element if you have a vested interest in doing so.
Can my current car be traded towards the lease?
If your current car is fully paid off, then we will probably accept it as partial payment for the lease. If you still owe some money on your current vehicle, it’s a bit trickier – ask our financial office to help you determine whether or not you have trade equity on the vehicle and we’ll see if this is an option. Tip: Ask about this several weeks before you want to lease your new car, so you can come in knowing whether or not you plan to trade towards the lease.
What’s the difference between Down Payments and Due At Signing?
A down payment is only part of what is due at signing – other costs include taxes, the first month’s payment, deposits, and anything else the lease requires.
Can the lease be ended early?
Yes – but we don’t recommend doing this. Leases are priced and structured with the intent of seeing them through to the end, and you may find yourself facing fines from the leasing company if you want to break it off early.
What if other people want to drive the car?
Check the agreement – most leases carry restrictions that limit drivers to your spouse and/or family. This is one of the areas most likely to be negotiable outside of the price of the vehicle, and if you have someone like a teenage child you plan to allow into the driver’s seat, we may be able to talk to the leasing company and get them to permit it. Note that this may take time to negotiate, so ask early.
I might move out of state soon – will this matter?
Yes, this is likely to matter. While the total change to your payments is unlikely to be very large, you can expect the tax portion of your monthly payments to shift up or down. More importantly, some states – including Georgia and Texas – have different rules on sales tax and may insist that it all be paid off as soon as you register your vehicle. We encourage researching the tax laws of your destination state before moving so you can be aware of any fees (or bonuses) that apply.
I drive a lot – what’s this part about a mileage limit?
Some leases have a limit on the number of miles you can drive the vehicle, which is intended to preserve the vehicle’s value throughout the duration of the lease – after all, there’s a good chance the car will be resold. If you go over this limit, expect to face mileage fees – though if you know that you’re going to drive on a frequent basis, we may be able to negotiate a higher mileage limit for you. Expect to see higher rates in the final terms of the lease if negotiations are successful.
Still have questions?
Talk to the staff of our financial office at Montgomeryville Acura. They can resolve any lingering issues for you before you commit to the lease for a new Acura. Consider the 2015 Acura ILX and schedule a test drive! We hope to see you soon!